Heico is an aerospace and defense supplier that focuses on creating niche replacement parts for commercial aircraft and components for defense products. In commercial aerospace, Heico is the largest independent producer of replacement aircraft parts, primarily for engines. In the defense market, the company produces niche subcomponents used in targeting technology as well as simulation equipment, among other things. It operates as two segments: the flight support group,or FSG, and the electronic technologies group, or ETG, both of which supply the aerospace and defense sectors to different degrees. The company is highly acquisitive, focusing on companies in similar or adjacent markets that are generating strong cash flow with the potential for growth.

Financial Strength

6/10

Name	Current	Vs Industry
Cash-To-Debt	0.08
Equity-to-Asset	0.45
Debt-to-Equity	0.77
Debt-to-EBITDA	3.03
Interest Coverage	6.41
Piotroski F-Score	5/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	5.63	Distress Grey Safe
Beneish M-Score	-2.41	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

10/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	18
	3-Year EBITDA Growth Rate	17.1
	3-Year EPS without NRI Growth Rate	8.3
	3-Year FCF Growth Rate	0.7
	3-Year Book Growth Rate	15.8
	Future 3-5Y EPS without NRI Growth Rate	16.76
	Future 3-5Y Total Revenue Growth Rate	14.28

Momentum Rank

8/10

	Name	Current	Vs Industry		Vs History

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	3.17
	Quick Ratio	1.4
	Cash Ratio	0.32
	Days Inventory	155.52
	Days Sales Outstanding	45.53
	Days Payable	30.23

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Dividend Growth Rate	7.7
	3-Year Average Share Buyback Ratio	-0.8
	Shareholder Yield %	-5.19

Profitability Rank

9/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	38.74
	Operating Margin %	20.85
	Net Margin %	13.11
	FCF Margin %	13.31
	ROE %	14.32
	ROA %	7.17
	ROIC %	10.64
	ROC (Joel Greenblatt) %	62.65
	ROCE %	12.58
	Years of Profitability over Past 10-Year	10

GF Value Rank

9/10

	Name	Current	Vs Industry		Vs History
	PE Ratio	54.53
	Forward PE Ratio	47.95
	PE Ratio without NRI	54.53
	Shiller PE Ratio	74.77
	Price-to-Owner-Earnings	57.34
	PEG Ratio	6.57
	PS Ratio	7.17
	PB Ratio	7.07
	Price-to-Free-Cash-Flow	53.83
	Price-to-Operating-Cash-Flow	48.05
	EV-to-EBIT	40.62
	EV-to-EBITDA	33.41
	EV-to-Revenue	8.5
	EV-to-FCF	63.88
	Price-to-Projected-FCF	3.04
	Price-to-DCF (Earnings Based)	1.99
	Price-to-DCF (FCF Based)	2.12
	Price-to-Median-PS-Value	1.31
	Price-to-Peter-Lynch-Fair-Value	6.78
	Earnings Yield (Greenblatt) %	2.46
	FCF Yield %	1.71
	Forward Rate of Return (Yacktman) %	9.82

GF Value: $153.22

LTS:0J46

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